Question 40
Liberalism is the
political philosophy espoused by
a.
Robert Nozick.
b.
John Rawls.
c.
John Stuart Mill.
d.
Jeremy Bentham.
Question 41
A binding minimum
wage
a.
affects employees but
not employers.
b.
lowers the
productivity of workers.
c.
raises the cost of
labor to firms.
d.
All of the above are
correct.
Question 42
Economists who support
minimum-wage legislation are likely to believe that the
a.
supply of unskilled
labor is relatively inelastic.
b.
demand for unskilled...
John and Jack found a coin on the sidewalk. They argued about
the fairness of the coin. John claimed 40% to have Heads according
to his careful observation of the coin. Jack doubted and in order
to infer the fairness of the coin, he tossed the coin for 50 times
and got the results as shown below with 1 representing as heads and
0 as tails:
## [1] 0 0 0 1 1 1 0 0 0 0 0 0...
John and Jack found a coin on the sidewalk. They argued about
the fairness of the coin. John claimed 40% to have Heads according
to his careful observation of the coin. Jack doubted and in order
to infer the fairness of the coin, he tossed the coin for 50 times
and got the results as shown below with 1 representing as heads and
0 as tails:
## [1] 0 0 0 1 1 1 0 0 0 0 0 0...
Who are John Maynard Keynes and Friederich von Hayek and what
are their economic theories? What economic events inspired these
theorists to come up with their arguments and in what time periods
did they come about? How does each relate their theory to the
proper functions of government and what is their reasoning for
doing so? How are these models used in the world today. Lastly,
what are some pros and cons of each economic model? Be specific and
provide...